Home improvement is an industry that includes the sale of building materials and appliances, as well as the construction, repair and remodeling of residential homes and non-commercial buildings. Home improvement is also a growing part of the services industry, with people seeking to make their houses more comfortable, safe and energy efficient. It also entails the construction, alteration and/or repair of outdoor elements such as fences, decks, gardens, driveways, walkways, and patios.
The home improvement industry has reached excellent growth results in recent years. The COVID-19 pandemic spurred a revival in the market, with many homeowners opting for DIY projects to increase their property value and curb appeal.
Consumers have a high satisfaction level with their upgraded homes, according to the NAR. In addition, they enjoy spending time in their renovated properties.
A home improvement project may cost less than you think, as long as you stick to a realistic budget and allow yourself some leeway for unexpected expenses. In most cases, a 10%-20% buffer is more than enough. It’s also wise to invest in upgrades that are popular with buyers, rather than focusing on trends.
For example, installing a marble bathroom might not boost your property’s resale value because it will only appeal to a niche audience. However, converting a garage into an additional living space is a more general and desirable upgrade that will be attractive to most potential buyers. It’s also important to remember that your resale value will depend on the quality of the work performed.